The promoters of Srinivasa Hatcheries Ltd, a publicly traded company, have come out with a proposal to buy out the publicly held shares and de-list the company.

The promoters and Promoter Group (Acquirers), who currently own 72,71,190 equity shares, representing 75 per cent of the paid-up equity share capital of the company, have written to the company Board their interest to acquire the balance shares from the open market and de-list them.

In a statement to the BSE, the company Board, after its meeting, has informed that the floor price which the acquirers would offer to the shareholders has been fixed at Rs 110, which is 14 per cent higher than the arrived price of Rs 96.48 per equity share which has been determined as per SEBI guidelines.

The acquirers, C Jagapati Rao, C.Suresh Rayudu, C.Jahnavi, Srinivasa Farms Private Ltd, Jagapathi Investments among others, who form the promoters group, have written to the company on November 26, 2014, with their interest to acquire 24,24,310 shares, constituting about 25 per cent of the paid up capital for voluntarily delisting.

The objective of such an offer is to obtain full ownership of the company, which is seen to provide the promoters with increased operational flexibility to support company’s business needs and to provide exit opportunity to the public shareholders of the company.

VK Murali Manohar, company secretary, has been appointed to take necessary steps to facilitate delisting proposal. After obtaining the consent of shareholders and approval from BSE, it is proposed to de-list the shares.

The company shares closed at Rs 102.55, up 3 per cent.

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